Issue link: https://nebusinessmedia.uberflip.com/i/1399624
2 HARTFORDBUSINESS.COM | AUGUST 9, 2021 Biz Briefs HartfordBusiness.com | (860) 236-9998 Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Sean Teehan | Staff Writer, ext. 145 steehan@hartfordbusiness.com Beats: Manufacturing, Startups & Entrepreneurs, Technology, Cannabis and Transportation Zachary Vasile | Web Editor, ext. 128 zvasile@hartfordbusiness.com Beat: Energy Michelle France | Staff Writer, ext. 127 mfrance@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Valerie Clark | Director of Audience Development, ext. 332 vclark@nebusinessmedia.com Jill Coran | Human Resources Manager jcoran@nebusinessmedia.com Megan Mason | Operations Assistant, mmason@hartfordbusiness.com Production Christie Novotny | Production Director, ext. 147 cnovotny@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Subscriptions Annual subscriptions are $96.00. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@ cambeywest.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hartford- Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www. hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 J ust months after the state Bond Commission approved $500,000 to help finance the demolition of the long-vacant Ames corporate office in Rocky Hill, a new grand vision to redevelop the site is coming into clearer focus. Hamden-based developer the Developer pitches $50M mixed- use redevelopment for former Ames property in Rocky Hill A Hamden developer is proposing a $50 million mixed-use redevelopment at the site of the former Ames corporate office in Rocky Hill. RENDERING | CONTRIBUTED Client: KEEN-SUMMIT • Job No: GAK-245 Publication: Hartford Business Journal FOR SALE SUBURBAN OFFICE CAMPUS 482,747 SF in Five Buildings on 47.01 Acres n Complex amenities include • Cafeteria • Fitness center with locker room and sauna • Game room • Scenic pond with walking paths • Ample parking n Easy Access to Merritt Pkwy, Milford Pkwy and I-95 n Well located between Bridgeport, New Haven, Stamford and Hartford KEEN-SUMMIT CAPITAL PARTNERS LLC 646-381-9222 • Keen-Summit.com Chris Mahoney – CT Lic# RES.0814973 Heather Milazzo – CT Lic# RES.0814823 Perfect for Corporate Campus or Value-Add Investor 470 – 488 Wheelers Farm Road, Milford, CT CT officials forecast $55M in annual cannabis tax revenue by FY '26 Connecticut's Office of Fiscal Analysis is projecting the state's recreational cannabis industry will generate $20.4 million in tax revenue in its first full year of operation, and over $55 million in its fourth year. Department of Consumer Protection Commissioner Michelle Seagull, who will serve as the primary regulator of the adult-use cannabis industry, has predicted Connecticut's recreational marijuana market will go online by the end of 2022. Researchers in the office predict the industry will generate $3.1 million in the 2022 fiscal year — which runs from July 1, 2021 through June 30, 2022 — when the market will still be strictly medical. In fiscal 2022, OFA predicts that number will jump to $20.4 million. By the 2026 fiscal year, OFA predicts Connecticut will collect $55.2 million in taxes from the legal cannabis industry. Shelbourne adds to downtown Hartford portfolio with $2.35M Trumbull St. office building buy New York-based Shelbourne Global Solutions LLC, downtown Hartford's largest commercial landlord, has added to its center-city holdings with the purchase of a mixed-use office building occupied by Trumbull Belfonti Cos. LLC is proposing a $50-million mixed-use project that would include 180 apartment units and 20,000 square feet of retail and commercial office space. The so-called "Village of Rocky Hill" would create a new town center destination with nine mixed-use residential buildings, according to Michael Belfonti, founder and CEO of Belfonti Cos. "The vision and the goal is to revitalize downtown Rocky Hill," Belfonti said. "It's a mixed-use development intended to create a vibrant pedestrian- and bike-friendly downtown area." Vacant since 2002, the 180,000-square-foot building on Main Street is an eyesore at the heart of the town and provides a sorry backdrop to civic parades and other events, town officials have said. Rehab proposals have come and gone over the years, but the remediation of the asbestos-tainted structure has been a key hang up. Kitchen, among other tenants. Shelbourne said it closed on the 50,000-square-foot, six-story office building at 150 Trumbull St. July 30, paying $2.3 million for the property, whose other tenants include law firm Siegel, O'Connor, O'Donnell & Beck and boutique jewelry retailer Armstrong Rockwell. The seller was 150 Trumbull St Assoc LTD PTNS. With its latest purchase, Shelbourne now controls key, interconnected sections in the heart of downtown Hartford, including a large portion of Pratt Street, where it's currently leading a $100 million redevelopment project, and 100 Pearl St., anchored by Hartford HealthCare, which is currently renovating a large portion of the building. 150 Trumbull St., Hartford Express Kitchens Founder Max Kothari. PHOTO | COSTAR HBJ FILE PHOTO Express Kitchens buys Hartford's former Veeder-Root property for $2.45M About a year-and-a-half after winning approval to acquire the 183,000-square-foot former Veeder- Root property in Hartford's Asylum Hill neighborhood, cabinet and countertop retailer Express Kitchens has completed the purchase. Max Kothari, founder and CEO